Turned down for a loan, business owners look to family and even crowdsourcing to get money to grow

NEW YORK (AP) —

Among the many challenges small businesses face as they try to grow these days, getting a loan is right near the top.

Banks big and small have tightened lending standards as the Federal Reserve hiked up interest rates the past two years. The collapse of three regional banks this spring and the possibility of stricter regulations have likely made some banks more cautious as well.

So, business owners are having to make sacrifices, from turning to crowdsourcing instead of lenders, borrowing from family or friends, or simply forgoing expansion plans that would have been funded by more capital.